تأثير مسئوليت‌پذيري اجتماعي شركت بر توجه سهامداران خرد: نقش تعديلگري ويژگيهاي شركت و بازار

Corporate social responsibility , Retail investor attention , Reputation an‎d visibility , Corporate governance , Economic conditions

The Effect of Corporate Social Responsibilities (CSR) On the Retail Shareholders’ Attention: The Moderating Role of Firm an‎d Market Characteristics

حسابداري

This study examines the role of corporate social responsibility (CSR) in shaping retail investors’ attention, with a particular emphasis on the distinction between two dimensions: informational attention an‎d behavioral/trading attention. In the accounting an‎d behavioral finance literature, investor attention is recognized as a key mechanism for information transmission an‎d market behavior formation; however, empirical evidence on the effects of CSR on different types of attention remains limited an‎d, in some cases, inconsistent. The primary objective of this research is to investigate whether an‎d to what extent CSR activities influence retail investors’ information search an‎d processing, an‎d whether such cognitive attention translates into active trading behavior. In addition, the moderating roles of firm-specific characteristics, industry attributes, an‎d macroeconomic conditions are examined. To achieve these objectives, the study employs panel data from 144 firms over a 13-year period (2011–2023) an‎d applies a range of econometric approaches. All models are estimated using pooled regressions with year an‎d industry fixed effects, along with firm-level clustered stan‎dard errors. Informational attention is measured using search-based indicators, while behavioral attention is proxied by the net buying of individual investors. Hypotheses are tested using generalized linear regression models. To assess the robustness an‎d heterogeneity of the results, supplementary analyses are conducted, including sample-splitting procedures, subsample analyses across different time periods, rolling regressions, an‎d quantile regressions at different levels of investor attention. The findings indicate that CSR significantly increases retail investors’ informational attention, whereas this heightened attention does not necessarily translate into active trading behavior. The effect of CSR on informational attention is stronger among less well-known firms, in industries where CSR practices are more institutionalized, an‎d under favorable economic conditions. In contrast, investors’ behavioral attention exhibits a limited response to CSR an‎d remains largely driven by traditional financial variables. Results from quantile regressions further suggest that CSR primarily acts as an attention-enhancing mechanism at higher levels of informational attention. Overall, the study demonstrates that CSR functions more as a cognitive an‎d informational mechanism than as a direct trigger of trading activity, with effects that are gradual, conditional, an‎d heterogeneous, ultimately contributing to firms’ mental positioning in capital markets.

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